Common use of Intellectual Property Development Clause in Contracts

Intellectual Property Development. MassMutual is authorized to develop on behalf of the Companies the following property, provided, however, that any such development will first be proposed to, and approved by, the applicable Company: (a) Patents, inventions, formulas, processes, designs, patterns and other similar items; (b) Copyrights and other similar items; (c) Trademarks, trade names, brand names and other similar items; (d) Franchises, license contracts and other similar items; and (e) Methods, programs, systems, procedures, campaigns, surveys, studies, forecasts, estimates, customer lists, technical data and other similar items. For developing the property hereunder, MassMutual will receive as compensation an amount equal to the full share of costs with respect to such developments as are properly chargeable to the applicable Company. For purposes of this paragraph, the costs and deductions required to be shared will take into account, on a reasonable basis and in accordance with generally accepted accounting principles, all of the direct and indirect costs incurred with respect to the development of such property which are allocable in accordance with the principles of Section 1.482-9 of the Treasury Regulations to the activities undertaken pursuant to this Agreement.